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Europe’s ambitious new regulatory framework for crypto assets, the Markets in Crypto Assets (MiCA) regulation, took effect on July 1, marking a new era for digital finance across the European Union. The implementation has already brought dramatic changes, as regulated crypto exchanges quickly began delisting Tether’s USDT stablecoin from their platforms. Amid this shakeup, Circle has emerged as a standout player, swiftly filling the gap with its own compliant stablecoin offerings.

Circle adapts, Tether retreatsAnticipating MiCA’s requirements, Circle proactively aligned its dollar-pegged USDC and euro-backed EURC stablecoins to meet the regulation’s new standards. Among the world’s ten largest stablecoins, Circle became the only issuer able to fully comply with MiCA’s conditions. Headquartered in the United States, Circle remains a heavyweight in the stablecoin market, with USDC ranking among the largest by market value.

In stark contrast, Tether chose not to apply for the electronic money issuance license mandated under MiCA. The consequence: roughly $185 billion worth of USDT is now inaccessible on licensed European trading venues, forcing a radical overhaul of liquidity structures across the region’s regulated crypto platforms.

Tether’s management has voiced strong objections to MiCA’s requirement that 60% of stablecoin reserves be held in European banks, highlighting what they see as additional risks. As a result, Tether is shifting its strategic focus away from Europe to markets outside the EU.

Tether CEO Paolo Ardoino publicly defended the company’s decision, warning that altering their reserve model to match European standards would introduce new risks. Rather than overhauling its structure, Tether has opted to double down on its established approach in non-European markets, stepping back from the bloc for now.

Institutional backing gives Circle momentumCircle’s position received a major boost in timing and legitimacy. On the very eve of MiCA’s rollout, banking giant BNY Mellon announced support for USDC. This move enables institutional clients to store, transfer, issue, and burn USDC through BNY Mellon’s network—an endorsement carrying significant weight from one of the world’s largest custodians.

Glossary: CASP refers to the “Crypto Asset Service Provider” license under MiCA. This license authorizes regulated custody, trading, and transfer services for crypto assets throughout the EU.

BNY Mellon’s timely move, coinciding with changes on European exchanges, has bolstered Circle’s position on both the regulatory and institutional fronts. This shift is not only about stablecoin rivalry but also about which issuers will shape the European market in the long term.

MiCA reshapes more than just stablecoinsThe MiCA regulation has brought sweeping consequences beyond just USDT and USDC. Out of nearly 1,200 crypto companies previously registered at the national level, only about 210 have managed to secure full-scope CASP authorization under the new law—a success rate of approximately 17%.

CategoryStatusNumber of firms registered before MiCAApproximately 1,200Companies awarded full CASP licenseApproximately 210Percentage17%With USDT liquidity now unavailable at regulated European platforms, Circle’s long-standing regulatory strategy positions it to capture market share rapidly.

This landscape demonstrates that the ripple effects go beyond regulatory compliance. While Circle invested years in preparation, Tether has essentially ceded the European field for now. Although Tether may yet seek EU licensing in the future, there is no clear indication of such plans at present.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Circle’s stock took a beating on June 30, dropping more than 16% after a consortium of over 140 companies, including Visa, Stripe, Coinbase, Mastercard, and BlackRock, unveiled a new stablecoin called Open USD (OUSD). Circle CEO Jeremy Allaire responded by making the case that OUSD will struggle to compete with USDC’s entrenched network effects, deep liquidity, and regulatory infrastructure.

A who’s-who of global finance and payments backing a stablecoin designed to redistribute most of its reserve earnings to partners. But whether OUSD can actually dent USDC’s roughly $73-74B market cap is a question with a complicated answer.

What Allaire is actually saying Allaire’s defense was pointed and specific. He called USDC “the most trusted, widely adopted, institutional-ready stablecoin in the world.”

Regulatory reach is where Allaire might have his strongest card. Circle went through the grueling process of going public on the NYSE. It holds state money transmitter licenses and has built relationships with regulators across multiple jurisdictions. OUSD’s licensing and operational structure remain unclear, with key details still pending ahead of its planned launch later in 2026.

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The consortium playbook has been tried before Consortium-backed stablecoins aren’t new territory. Paxos launched USDG with a similar value proposition, and it hovered around $3B in supply. Respectable, but not exactly a USDC killer.

There’s also the Meta-backed Diem (formerly Libra) precedent, which had even more firepower behind it and still collapsed under regulatory pressure and internal coordination problems.

OUSD’s key differentiator is its revenue-sharing model. Rather than Circle’s approach, where the issuer keeps most of the reserve yield, OUSD plans to redistribute that income to partner firms. Key details on ownership and revenue distribution remain unclear.

What this means for investors The 16% drop in Circle’s stock price reflects genuine concern, but several analysts have suggested the market overreacted. The logic is straightforward: USDC has first-mover advantages that took years to build, and OUSD won’t launch until later in 2026 at the earliest.

Even if every one of those 140 consortium members integrates OUSD, many of them, Coinbase included, already support USDC. A company like Visa can support both stablecoins simultaneously, which means OUSD’s growth doesn’t automatically come at USDC’s expense.

The real risk for Circle is economic, not existential. If OUSD gains traction with its revenue-sharing model, it could force Circle to give up a larger share of its reserve income to retain distribution partners. That compresses margins without necessarily shrinking USDC’s market cap. For a company that just went public and needs to demonstrate profitability to public market investors, margin pressure is no small thing.

For investors watching Circle specifically, the key metrics to track over the coming months are USDC’s market cap trajectory relative to overall stablecoin supply, any changes to Circle’s revenue-sharing arrangements with existing partners like Coinbase, and concrete details on OUSD’s launch timeline and licensing status.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify.

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Today’s top news:

Crypto majors are slightly red, Solana leads; BTC at $58.5k 140 businesses team up for Open USD launch, taking aim at Circle and Tether CRCL stock falls 17% in wake of Open USD launch Trump disclosure shows $1.2B in crypto profits; $50M+ in BTC holdings Citi cuts its 12-month BTC price target from $112k to $82k, cites ETF flows, slow regulatory progress and DAT concerns 💵 Open USD Launches With 140+ Backers, Taking Aim at Circle and Tether

Open Standard, a new company led by Zach Abrams, launched Open USD as a stablecoin for global money movement going live later this year.

It’s got serious backing from the heaviest hitters in payments, finance and commerce. More than 140 businesses signed on, including Visa, Mastercard, Stripe, BlackRock, BNY, Google, Shopify, and DoorDash, alongside much of crypto itself like Coinbase, Solana, Ripple, OKX, and Aave.

And its launch is a direct shot at Circle and Tether. Open USD gives all the power back to the businesses by

letting businesses mint and redeem for free with no volume caps handing all the earnings on its reserves back to partners minus a small management fee being governed by a board of those partners rather than a single company. That attacks the incumbents’ most profitable feature, since the real money in stablecoins is the yield on the Treasurys backing them, and Circle and Tether keep nearly all of it. Stripe’s president said Open USD will become the default stablecoin for businesses on its platform.

The market reacted strongly, with CRCL stock losing 18% on the day. And it’s pretty obvious why. A huge part of the stablecoin growth story that Circle benefited from was based on business and institutional growth. Now those users will be heavily incentivized to use OUSD over USDC. The bull case for Circle is the “rising tide” thesis, but that’s looking a bit shaky—at least right now. Expect OUSD to be a real stablecoin player as soon as it’s up and running…

🇺🇸 Trump Discloses Over $1.2 Billion in Crypto Earnings

President Trump’s annual financial disclosure, released Tuesday by the Office of Government Ethics, revealed more than $1.2 billion in earnings from his crypto ventures in 2025. The report runs over 900 pages, and crypto sits among the largest line items in it.

The bulk of the $1.2B in earnings came from two sources. Trump earned just over $635 million from his memecoin alone, almost entirely as royalties tied to a licensing agreement with Celebration Coins. The TRUMP token launched on Solana days before he retook office in January 2025, rocketed to $75 and a $75B dollar market cap within 3 days before selling off. Now it trades around $1.66 at a $394 million market cap, down roughly 98% from its all-time high.

The other major piece was more than $588 million in net proceeds from token sales distributed by World Liberty Financial, the family’s DeFi and stablecoin venture. He also reported holding over $50 million in Bitcoin and between $5 million and $25 million in Ethereum, among other digital assets.

The disclosure re-raises the conflict-of-interest questions shadowing the administration. The president is actively shaping US crypto policy while his family profits directly from the industry those rules govern. It feeds straight into the CLARITY Act fight, where Democrats are pushing to bar the president and his family from crypto businesses as a condition for passing the bill. This new headline certainly will make the Dems dig their heels in the ground, and odds of the bill passing dropped 10% on the day to 39%.

Unfortunately, we likely haven’t felt all the effects of those $1.2B in crypto earnings yet. Expect more pain to come…

🌎 Macro Crypto and Markets Crypto majors are slightly red; BTC -1% at $58.5k; ETH -1% at $1,570; SOL +2% at $75; HYPE -5% at $62.60 JUP (+16%), WBT (+14%) and  XLM (+12%) led top movers Oil -1% at $69; Gold even at $4,040 Stock futures are slightly red after the strongest H1 in 5 years; DOW -0.2%, Nasdaq -0.4% Binance and CZ were sued for nearly $200 million by British investors in a new UK lawsuit, per Reuters, tied to claims involving the FCA Citi cut its 12-month price targets for Bitcoin from $112k to $82k and ETH from $3,175 to $2,240, citing outflows, slow regulatory progress and DAT concerns TD Cowen cut Strategy’s price target by 35%, citing the company’s new framework that opens the door to selling Bitcoin The SEC opened a 60-day comment period on novel ETFs, asking 27 questions about how it should handle funds built around crypto assets, event contracts, and other nontraditional holdings, after pausing roughly two dozen prediction-market ETF filings New York Life Investment Management teamed with Centrifuge for a tokenized bond fund, bringing one of America’s largest asset managers further into onchain real-world assets CRCL was removed from several Russell Growth Indexes in the annual reconstitution process in June Corporate Treasuries & ETFs

The Bitcoin ETFs saw $222M in net outflows on Tuesday; the ETH ETFs saw $28M in outflows SharpLink made its first ETH purchase of 2026, with the Ethereum treasury firm resuming accumulation after a pause Meme Coin Tracker

Meme leaders were mixd; DOGE even, SHIB even, PEPE -3%, PENGU +2%, TRUMP +3%, BONK even dog (+85%), Nest (+100%) and Testibull (+175%) led movers on Solana Base movers included Check (+21%) and REI (+27%) 📈 Myriad Market of the Day💰 Token, Airdrop & Protocol Tracker Phantom doubled down on perpetual futures, hiring market builders from Hyperliquid as the Solana wallet pushes deeper into onchain derivatives MetaMask launched a “money account” that combines stablecoin yield and spending in one wallet, blurring the line between a crypto wallet and a bank account 🚚 What is happening in NFTs? NFT leaders were mostly flat; Punks -1% at 31 ETH, BAYC +1% at 8.82 ETH, Pudgy -1% at 4.45 ETH; Hypurr’s -3% at 217 HYPE Racerz (+47%) and MetaWinners (+20%) led top movers The strong week for Punk sales continued with multiple above-floor buys in the past day, including a 100 ETH Cowboy sale Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Circle CEO Jeremy Allaire argued that USDC's decade-long network of integrations, liquidity and regulatory infrastructure gives it a structural advantage over new stablecoin entrants, while challenging key elements of Open USD's proposed business model.

In a Wednesday X post, Allaire described stablecoin networks as platform businesses driven by network effects, saying sustained investment in integrations, liquidity, regulatory approvals, banking relationships and reserve management creates competitive advantages that are difficult to replicate.

He also questioned whether permanently offering free, unlimited minting and redemption would remain sustainable at scale and said returning nearly all reserve income to partners risks “starving an infrastructure.”

The comments highlight intensifying competition among stablecoin issuers as new entrants seek to challenge USDC and USDT by offering businesses a greater share of reserve income and influence over governance. 

Open Standard announced Open USD (OUSD) on Tuesday, with support from over 140 payments, banking, technology and crypto companies, including Visa, Mastercard, Stripe, Coinbase, BlackRock and Google. The stablecoin is expected to go live later in 2026. 

Circle’s stock performance in the last five days. Source: Yahoo Finance

Circle shares closed Tuesday at $62.63, down 17.55% from the previous session, before rising 2.44% to $64.18 in premarket trading as of 11 am UTC on Wednesday, according to Yahoo Finance data. 

OUSD could challenge the Circle-Tether duopoly: Bernstein In a research note, analysts at Bernstein said OUSD could become the “strongest and first new entrant to challenge the duopoly of Circle and Tether,” citing its reach across payments, banking, technology and commerce.

However, Bernstein said governance, operational architecture and the revenue-sharing formula remain open questions, as coordinating more than 140 partners will require substantial work. Bernstein said Circle spends close to $500 million on marketing, infrastructure, technology and compliance, highlighting the amount of resources needed to scale a stablecoin network.

Lorenzo Valente, director of research at ARK Invest, took a more skeptical view. In a post on X, Valente said that OUSD still faces the cold-start problem created by USDC and USDT's entrenched liquidity across the crypto ecosystem. He called the announcement a “giant” letter of intent and said that many participants also support competing stablecoins or operate their own infrastructure. 

“The partners are backing rivals: Stripe owns Bridge and has its own stack, Coinbase is wedded to USDC, banks are building their own deposit tokens and the card networks support every token out there,” Valente wrote. 

Magazine: Japanese pension fund tips 1% in crypto, G7 urges action on NK hackers: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Open Standard, a new consortium of more than 140 companies spanning payments, banking and crypto, announced Open USD (OUSD) on June 30, a stablecoin structured to be owned and governed by the businesses that use it rather than run for the profit of a single issuer.

Introducing Open USD: a stablecoin built for the internet economy, designed by the businesses growing it.https://t.co/jqgDRs6mKf

— Open Standard (@openstandard) June 30, 2026 Solana's official account said the token will launch natively on the network from day one, ahead of a broader rollout to Polygon, Stellar and Aptos later this year.

The design breaks from how Circle's USDC and Tether's USDT operate today. Open USD charges no fees to mint or redeem and sets no volume caps, according to the announcement. Partners collect nearly all of the interest earned on the reserves backing the token, after a small management fee that covers Open Standard's operating costs, instead of an issuer retaining that yield itself. Governance sits with Open Standard, an independent company whose board is drawn from its partner base.

Zach Abrams, Open Standard's founding chief executive, previously co-founded Bridge, the stablecoin infrastructure company Stripe bought for $1.1 billion in 2025. "Existing stablecoins have great strengths, but to use them at scale, businesses need something that's open, low-cost, high-throughput, broadly accessible, and aligned to their interests," Abrams said in the announcement.

The partner list is unusually broad for a stablecoin launch. It includes payments networks and processors such as Visa, Mastercard, American Express, Fiserv, Adyen and Klarna; banks and asset managers including BlackRock, BNY, Standard Chartered, DBS and U.S. Bank; technology platforms Google, Shopify, Samsung Electronics and DoorDash; and crypto-native firms Coinbase, Ripple, Gemini, Fireblocks, Aave and Solana itself.

BNY's Carolyn Weinberg said in a supporting statement that the bank anticipates the stablecoin market could grow to $1.5 trillion by 2030. Stripe's Will Gaybrick said Open USD "will be the default stablecoin for businesses running on Stripe."

Circle was the news's clearest casualty. CRCL stock opened near $72 on Tuesday and fell to a four-month low before closing down by 17.55%. The reaction reflects how directly Open USD's model threatens Circle's core business, which relies on retaining the interest earned on USDC's reserves rather than sharing it with distributors. Open USD proposes to do the opposite by design.

Coinbase's involvement sharpened the reaction. Coinbase and Circle jointly created the Centre Consortium that launched USDC, and the two still share reserve revenue under a commercial agreement reportedly up for renewal in August. Circle paid Coinbase more than $900 million in 2024 for USDC distribution under that arrangement. Coinbase joining a rival consortium that shares reserve economics more broadly raises the question of what Coinbase will ask for when that deal comes up again.

Analysts were split on whether the selloff was justified. Dragonfly general partner Rob Hadick called the partner list "a real threat to Circle's business," noting Stripe's product suite could let the consortium undercut Circle's economics, but cautioned that "consortiums are hard and they break easily" because incentives across 140 companies are rarely aligned. Clear Street's Owen Lau argued the 17% drop was "an overreaction," pointing to Paxos' Global Dollar Network, a similar partner-owned, revenue-sharing stablecoin launched in late 2024 that has grown to only about $3 billion in supply, against USDC's roughly $73 billion and USDT's $145 billion. Newsletter writer Noelle Acheson noted the announcement left unresolved questions about Open Standard's ownership structure, its licensing framework as issuer, and exactly how reserve income will be split among 140 partners.

The bigger shift the episode points to is where value accrues in the stablecoin business. Arca CIO Jeff Dorman argued the real opportunity now lies less with issuers like Circle and Tether and more with the exchanges, payment processors, wallets and blockchains that distribute and settle stablecoins, since those are the businesses Open Standard has assembled to build OUSD. Whether that network effect materialises depends on adoption Open Standard has not yet demonstrated. A list of 140 partner logos says little about whether those companies will actually route volume through a shared token once it competes with their existing stablecoin relationships. That test only begins after Open USD launches later this year.

TLDR Table of Contents

TLDROpen USD Aims to Challenge USDC DominanceCircle Stock Reacts to Shifting Revenue DynamicsRegulation and Institutional Backing Reshape CompetitionGet 3 Free Stock Ebooks Circle stock dropped more than 16% after Open USD was announced. Open USD is backed by major firms including Visa, Mastercard, and BlackRock. The project introduces a revenue-sharing model that differs from USDC. Circle and Coinbase currently earn income from USDC reserve assets. Open USD allows users to mint and redeem tokens without fees. Circle stock declined sharply after a new stablecoin initiative raised competitive pressure on USDC. The market reacted quickly as Open USD entered the sector with strong institutional backing. Consequently, Circle stock faced selling pressure while Coinbase shares also moved lower.

Open USD Aims to Challenge USDC Dominance Circle stock dropped more than 16% as investors reacted to the Open USD announcement. The new stablecoin project introduced a competing model with broad industry support. As a result, Circle stock reflected concerns about possible market share erosion.

Open Standard leads the Open USD initiative alongside major financial and technology companies. The coalition includes Visa, Mastercard, Stripe, BlackRock, and Bank of New York Mellon. It also includes Coinbase, Google, IBM, and several global banks and crypto firms.

However, Circle, Tether, and PayPal did not join the consortium behind Open USD. This absence highlighted a direct competitive line between existing issuers and the new network. Therefore, Circle stock faced additional pressure as markets assessed this divide.

Open Standard confirmed Open USD will launch later this year with over 140 participating businesses. The project allows users to mint and redeem tokens without fees. Moreover, the model distributes most reserve income to network participants instead of retaining it.

Circle Stock Reacts to Shifting Revenue Dynamics Circle stock declined as investors evaluated changes to stablecoin revenue structures. Open USD introduces a shared income model that differs from traditional issuer-controlled profits. Consequently, Circle stock reflected concerns about future earnings stability.

USDC currently holds about $73.6 billion in circulation and remains a major stablecoin. Circle and Coinbase share revenue generated from USDC reserve assets. Therefore, Circle stock links closely to stablecoin performance and associated income streams.

Coinbase relies heavily on USDC-related revenue within its subscription and services segment. This segment accounted for 44% of total first-quarter revenue. As a result, Circle stock movements aligned with broader concerns affecting Coinbase.

Circle Chief Executive Jeremy Allaire addressed market concerns following the announcement. He stated, “USDC remains the most trusted, widely adopted stablecoin globally.” He also added that the company welcomes competition in the sector.

Regulation and Institutional Backing Reshape Competition Circle stock also reflected broader changes in the regulatory landscape supporting new entrants. Lawmakers continue advancing stablecoin legislation to define reserve and licensing requirements. Therefore, Circle stock faced pressure from both competition and policy developments.

The CLARITY Act is progressing toward a Senate vote while the GENIUS Act sets federal standards. These rules favor large institutions with strong compliance systems. Consequently, Circle stock reacted as markets priced in new competitive advantages.

Government officials also supported the Open USD initiative as regulation becomes clearer. Patrick Witt said the launch shows how clear rules unlock value in digital assets. He added that upcoming legislation will expand opportunities across the crypto sector.

USDC and USDT currently dominate about 80% of the global stablecoin market. However, Open USD represents a major coordinated effort to challenge this dominance. As a result, Circle stock continues to reflect shifting expectations across the stablecoin ecosystem.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Circle Emerges as MiCA’s Quiet Winner While USDT Exits Europe

Circle just printed another billion USDC on Solana. That brings the total USDC minted on the network in 2026 to a staggering $64.25B, a number that would have sounded absurd even a year ago.

The minting machine that won’t stop The latest $1B mint, recorded on or around June 16, pushed weekly USDC issuance on Solana to $3.5B. That’s up from a weekly figure of $3.25B back in early April, which itself felt like a breakneck pace at the time.

By mid-June, cumulative gross USDC minting on Solana had already hit roughly $57B. The jump from $57B to $64.25B in what appears to be a matter of days illustrates just how rapidly Circle has been feeding stablecoin supply into the network.

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Look at the individual mints from earlier this year for context. Late March saw a $750M issuance. Mid-March and late April each brought $500M mints. Now billion-dollar prints barely register as headline-worthy. The scale has shifted dramatically.

On-chain tracking from firms like Lookonchain and Arkham has confirmed multiple instances of single-day issuances exceeding $1B throughout 2026.

Why Solana keeps winning the stablecoin race Earlier reports indicated that Solana’s share of total USDC supply approached 10%. That figure has likely grown given the sustained minting activity, though the exact current percentage depends on net circulation rather than gross issuance.

Circle maintains dedicated infrastructure for USDC on Solana, including a public SPL token address and specialized mint accounts. Through its Circle Mint service, institutions can mint and redeem USDC at a 1:1 ratio with US dollars directly on the network.

What this means for investors Investors should also consider the difference between gross minting and net circulation. The $64.25B figure represents total USDC minted on Solana in 2026, not the current circulating supply. Redemptions, where users convert USDC back to fiat, reduce net supply. The gross number captures demand intensity, but net supply is the metric that actually determines available liquidity on the network.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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Tomorrow marks the end of USDT’s run on regulated European crypto platforms. July 1, 2026, is the hard deadline for the EU’s Markets in Crypto-Assets regulation, and Tether, the issuer of the world’s largest stablecoin with a market capitalization between $175 billion and $186 billion, never bothered to apply for authorization.

MiCA requires stablecoin issuers to obtain e-money token authorization to operate within the European Economic Area. Without it, exchanges can’t legally offer the token to EEA clients.

Tether has not applied for MiCA authorization as of June 2026, a decision that aligns with its broader posture of focusing on markets outside Europe rather than complying with the bloc’s stringent bank reserve mandates.

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Coinbase Europe delisted USDT back in December 2024. Crypto.com followed in January 2025. Binance’s EEA entity restricted USDT trading pairs in March 2025. Major platforms have already started converting or limiting USDT balances for their European users in anticipation of the final deadline.

Tether also discontinued its euro-denominated stablecoin, EURT, back in 2024, walking away from the European market entirely.

Circle’s USDC and EURC tokens have secured MiCA compliance and remain available across EU-licensed platforms, making Circle’s products the default stablecoin option on regulated exchanges for European traders.

A retail investor using Binance’s European entity will need to switch to USDC or another authorized alternative. A DeFi user interacting directly with smart contracts through a self-custody wallet can keep using USDT, as the regulation targets service providers, not the token itself. No legal actions against Tether itself have been reported in connection with MiCA compliance.

USDT has long been the dominant trading pair denomination across crypto markets globally. When European platforms remove it, trading volumes on those platforms will shift to USDC-denominated pairs or other compliant alternatives.

Tether’s calculus appears to be that the cost of MiCA compliance, particularly the reserve requirements mandating funds be held in European banks, outweighs the revenue from European platform activity. Institutional players and regulated funds operating within the EEA don’t have the option of routing around compliance requirements by switching to non-custodial wallets, making USDC the only compliant option for that segment of the market.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Shares of Circle Internet Group (CRCL) fell on Tuesday after Open Standard unveiled Open USD (OUSD), a dollar stablecoin backed by more than 140 companies, including Visa, Mastercard, and Coinbase, that targets the market its USD Coin (USDC) token leads.

The launch puts payment networks, banks, and crypto firms behind a single token. It lands as Circle’s USDC and Tether’s USDT control most of the stablecoin market.

Circle (CRCL) Stock Performance. Source: TradingViewWhy Circle’s USDC Faces PressureOpen USD goes after the enterprise users that drive USDC adoption. Businesses can mint and redeem it for free, and partners keep the earnings on its reserves after a small fee.

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That model strikes at how Circle makes money. Reserve interest produced 99% of its revenue in 2024, its filing shows.

Circle paid Coinbase $908 million that year to distribute USDC. Now Coinbase has joined a rival that lets partners keep those reserve earnings.

Circle stock fell nearly 15% on the news, touching its lowest level of the session. It extended a weak run after Circle’s stock rally from $50 to $129 in six weeks earlier this year.

The bigger risk is distribution. Circle gained ground as USDC overtook Tether in corporate transfers. Yet Open USD’s backers include the networks that move most of that money.

Circle still holds advantages. Its USDC carries regulatory standing in the US and Europe and deep exchange liquidity.

A Consortium Stands Behind Open USDOpen Standard will run the token through an independent board of its partners. Zach Abrams leads the company on an interim basis. He co-founded Bridge, the stablecoin firm Stripe bought for $1.1 billion in 2025.

The backers span finance and technology, from BlackRock and BNY to Google and Shopify. Many already run their own stablecoins or build stablecoin infrastructure firms, echoing Mastercard’s recent stablecoin payment integrations.

Stripe tied its payments business directly to the token.

“Open USD will be the default stablecoin for businesses running on Stripe…” read an excerpt in the announcement, citing Will Gaybrick, president of technology and business at Stripe.

Circle, Tether, and PayPal all sat out the venture. Tether’s USDT leads at about $185 billion and Circle’s USDC follows near $74 billion.

Total Stablecoin Market Cap. Source: DefiLlamaAll these notwithstanding, the history is not encouraging for consortiums. Visa, Mastercard, and Stripe each backed Facebook’s Libra stablecoin in 2019, then abandoned it within months under regulatory pressure.

Open USD goes live later this year on Plasma and other chains built for stablecoin payments.

The timing matters for Circle, whose USDC revenue-sharing deal with Coinbase comes up for renewal in August.

In brief More than 140 companies have teamed up and revealed Open USD, a new stablecoin run by an independent operator called Open Standard. It promises free, uncapped minting/redemption, reserve earnings shared with partner businesses (minus a small fee), and governance by a board of partner companies. Circle's stock price has plunged nearly 16% on the day following the announcement. Coinbase, Visa, Mastercard, Stripe, BlackRock, and more than 140 other companies have banded together to launch a new stablecoin called Open USD (OUSD), in a bid to create shared digital payments infrastructure that no single firm controls.

The news appears to have rocked the stock price of USDC stablecoin issuer Circle (CRCL), with shares falling nearly 16% on the day to a recent price of $63.99, per Yahoo Finance. That’s pushed the firm’s plunge to 39% in the last month. Coinbase is a key ally of Circle, but has also thrown its weight behind Open USD.

The coin, unveiled Tuesday by a newly formed independent operator called Open Standard, is designed to address complaints that have dogged the stablecoin industry as it has grown: high fees for minting and redeeming tokens at scale, issuers that pocket the interest earned on reserves, and a lack of input from the businesses actually using the coins.

Open Standard—which is led by founding CEO Zach Abrams, who previously founded Stripe-acquired stablecoin company, Bridge—said that businesses will be able to mint and redeem Open USD for free with no volume caps. Partners, rather than the issuer alone, will collect the earnings on reserves, minus a management fee.

Governance will sit with a board drawn from Open USD's partner companies rather than a single corporate parent, an arrangement organizers describe as essential to winning broad adoption.

"Existing stablecoins have great strengths, but to use them at scale, businesses need something that's open, low-cost, high-throughput, broadly accessible, and aligned to their interests," said Abrams, in a statement.

The backer list spans payments giants such as Visa, Mastercard, and American Express, banks including BlackRock, BNY, and Standard Chartered, tech firms such as Google and Shopify, and crypto players like Coinbase and Ripple.

Executives framed the effort as an attempt to build neutral infrastructure akin to the early internet. BlackRock's Samara Cohen called it "a constructive step toward giving businesses more choice," while BNY projected the broader stablecoin market could swell to $1.5 trillion by 2030.

Open USD is expected to go live later this year.

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Key Takeaways Circle (CRCL) shares plummeted over 13% to approximately $65, reaching their lowest point in four months following the rival stablecoin announcement. More than 140 major corporations, including Visa, Stripe, Mastercard, BlackRock, and Coinbase, have unveiled Open USD, a new stablecoin project. Open Standard, the organization managing Open USD, is headed by Zach Abrams, who previously co-founded Bridge before its acquisition by Stripe in 2024. Open USD distinguishes itself from Circle’s USDC by offering zero-fee minting and redemption, plus shared reserve income distribution among consortium members. Circle’s CEO Jeremy Allaire dismissed concerns about the competition, asserting that USDC maintains its position as the most reliable stablecoin in the market. Shares of Circle Internet Group experienced a significant decline on Tuesday. The stock plummeted as much as 14% during trading before closing down approximately 13%, hovering around $65—marking its weakest performance since the end of February.

Circle Internet Group, CRCL

The sharp decline came after news emerged that a consortium exceeding 140 corporations intends to introduce a rival stablecoin. This new digital asset, dubbed Open USD, represents a direct challenge to Circle’s flagship USDC token.

Coinbase shares also experienced downward pressure from the announcement, declining roughly 6% to $142.37. This decline carries particular significance given that Coinbase partnered with Circle to create USDC and has historically shared in its revenue stream.

The Consortium Behind Open USD The alliance backing this initiative includes an impressive roster of industry leaders. Among the founding partners are payment giants Visa, Mastercard, and Stripe, alongside financial powerhouses BlackRock and Coinbase, plus banking institutions including BNY, Standard Chartered, and U.S. Bank.

Major technology corporations have also joined the effort. Google and IBM are both participants, along with prominent blockchain projects such as Ripple, Solana, Polygon, and Aave.

An independent entity named Open Standard oversees the project. Zach Abrams serves as its leader, bringing experience from co-founding Bridge, a stablecoin infrastructure company that Stripe purchased in 2024.

Abrams positioned the initiative as addressing market needs, stating that while current stablecoins have merits, the business community requires a solution that’s open, affordable, and structured to serve their interests at enterprise scale.

Industry observers weren’t completely caught off guard. CoinDesk had previously reported earlier this month that Stripe, Visa, and Mastercard were developing a competing stablecoin platform, with indications that Coinbase might participate.

Open USD’s Competitive Advantages Over USDC The economic model represents the most significant challenge to Circle’s revenue stream. Open USD will allow businesses to create and redeem tokens without any associated fees.

The distribution of reserve income follows a similar collaborative approach. Rather than concentrating interest earnings from reserves within a single entity, Open USD intends to distribute yields among all participating partners following operational expense deductions.

This directly threatens Circle’s primary revenue source. Circle generates income by investing USDC reserves in short-duration Treasury securities and retaining the majority of interest generated—a model that Open USD explicitly aims to disrupt.

Governance authority will be distributed among consortium members instead of residing with a sole issuer. This approach resembles USDG, another consortium-based stablecoin supported by Paxos, Robinhood, Kraken, and Galaxy Digital.

USDC presently maintains approximately $73.6 billion in circulation, positioning it as the dominant U.S.-originated stablecoin. Tether’s USDT holds a larger global presence with roughly $145 billion in circulation, though it focuses primarily on cryptocurrency trading and developing economies.

The implications for Coinbase are substantial. Revenue connected to USDC accounted for 44% of Coinbase’s subscription and services division during the first quarter.

Circle’s CEO Jeremy Allaire took to X on Tuesday to defend his company’s position, characterizing USDC as “the most trusted, widely adopted, institutional-ready stablecoin in the world.” He emphasized that Circle collaborates with thousands of institutional partners.

A Coinbase representative maintained an optimistic perspective, suggesting that additional stablecoin issuers and applications ultimately expand the total addressable market, while affirming that USDC continues to be central to their platform strategy.

According to Open Standard’s official statement, Open USD is scheduled to debut later this year.

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Kamino Finance just rolled out a new vault product that signals where Solana’s DeFi ecosystem is headed: toward the suits. The Hyperithm USDC Apex Vault, which went live on June 30, pairs Kamino’s lending infrastructure with yield strategies curated by Hyperithm, a regulated digital asset manager with roots in Tokyo and Seoul.

The vault is currently delivering approximately 6.77% yield on USDC deposits, with around $200K in total value locked. Those numbers are modest by DeFi standards, but the product itself tells a bigger story about institutional capital slowly finding its way onto Solana.

What the vault actually does Think of an Apex Vault as a managed fund that lives on-chain. Instead of depositors manually hunting for the best USDC lending rates across different pools, the vault’s curator, in this case Hyperithm, automatically allocates capital to optimize returns.

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Kamino has categorized this particular vault as “Balanced” risk. That sits somewhere between the conservative options that prioritize capital preservation and the aggressive strategies that chase higher returns with correspondingly higher exposure. Historically, Kamino’s USDC strategies have offered yields ranging from 4% to 9% APY, which puts the Hyperithm vault’s 6.77% right in the middle of the pack.

Who is Hyperithm Hyperithm isn’t some anonymous DeFi team with cartoon animal profile pictures. Founded in 2018 with offices in Tokyo and Seoul, the firm focuses on quantitative trading and venture investments in digital assets. The “regulated” part matters: operating across Japan and South Korea means navigating two of Asia’s more stringent crypto regulatory environments.

This isn’t Hyperithm’s first vault rodeo, either. The firm has been running similar USDC Apex vaults on Morpho, an Ethereum-based lending protocol, since around late October 2025. Those Ethereum vaults have attracted significantly more capital, pulling in millions in TVL. The strategies there focus on integrating collateral for high borrower yields while maintaining risk controls.

The bigger picture for Solana DeFi Kamino operates as Solana’s largest lending and liquidity protocol, with a multi-billion dollar TVL across its various markets. The platform has been actively pursuing a curator-led product strategy since 2025, essentially inviting professional asset managers to build structured yield products on top of Kamino’s infrastructure.

The risk side deserves honest discussion, though. Vaults like these carry multiple layers of exposure: smart contract risk on Kamino’s protocol, strategy risk from Hyperithm’s allocation decisions, and the ever-present systemic risks that come with DeFi composability. The “Balanced” risk label is Kamino’s own categorization, not an independent rating.

Investors watching this space should pay attention to whether Hyperithm’s Solana vault can replicate the traction its Ethereum counterpart achieved on Morpho. If the TVL grows meaningfully from its current $200K base, it validates the thesis that institutional-grade products can find product-market fit on Solana.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

The July 1 MiCA deadline is a crypto story, yet some of its biggest winners may trade on stock exchanges. As Europe forces unlicensed firms out, a handful of publicly traded MiCA winners, the so-called MiCA stocks.

BeInCrypto analysts screened institutional money flow and options positioning to find three names whose charts reveal how traders are playing them.

Circle Internet Group (CRCL)Circle sits at the center of the July 1 MiCA deadline, making it the first of three MiCA stocks worth watching. The regulation forces non-compliant euro stablecoins off EU venues, and that consolidation favors Circle directly. Its EURC now holds roughly half the euro stablecoin market, while USDC ranks among the only top-10 stablecoins cleared under the rules.

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Yet institutional positioning complicates the bullish narrative. The Chaikin Money Flow (CMF), a proxy for institutional buying and selling pressure, has fallen steadily since March 4 and sits deep in negative territory at -0.34. Large investors have been net sellers, not buyers, even as the regulatory tailwind built.

CRCL Money Flow Decline: TradingViewThe CMF reading tracks inside a falling channel. As long as it holds that channel, a short-term bounce around the deadline stays possible. A breakdown below it would confirm sustained distribution and likely trigger heavier profit booking.

Options flow tells a more constructive near-term story. The put-call ratio, which compares demand for bearish puts against bullish calls, is dropping. Its volume reading fell from 0.75 on June 25 to 0.44, while open interest eased from 0.81 to 0.80. Falling ratios mean traders are opening more bullish call positions than puts.

CRCL Put-Call Ratio: BarchartThat leaves CRCL as a momentary, event-driven bet. The MiCA catalyst and improving options sentiment support a tactical move, with the stock last at $75.96. However, persistently negative CMF caps conviction, and a channel breakdown would nullify any deadline-driven pop.

Coinbase Global (COIN)Coinbase is the second of the MiCA stocks to watch, and arguably the clearest infrastructure winner. It secured an EU-wide MiCA license through Luxembourg’s regulator, letting it passport regulated services across all 27 member states as rivals exit the bloc.

Options positioning, however, sends a more cautious signal. On June 26, the COIN put-call volume ratio sat at 1.14, skewed heavily toward bearish puts, with open interest at 0.84. Since then, volume has eased to 0.96 while open interest climbed to 0.88.

COIN Put-Call Ratio: BarchartThat split is the interesting part. The falling volume ratio shows fresh call buying. Yet rising open interest points to traders hedging existing positions rather than turning outright bullish. The setup reads as mixed, not a clean reversal.

The chart adds nuance through timeframe. On the daily, CMF remains deep in negative territory. On the four-hour, however, CMF has started rising inside its falling channel, last at -0.14, a sign of building short-term inflows.

COIN Money Flow Recovery: TradingViewThat four-hour turn matters most for an event-driven trade. A break above the channel’s upper trendline would open a path back toward the zero line and a more sustained move. That move might also have an impact on the put-call ratio as the MiCA deadline approaches.

Robinhood Markets (HOOD)Robinhood rounds out the MiCA stocks to watch, and the liquidity angle sets it apart. It owns Bitstamp, which holds a MiCA license passportable across the EU. As roughly 83% of previously registered crypto firms exit the bloc, freed-up trading volume can route toward licensed venues like Bitstamp.

Options positioning leans bullish. On June 25, the HOOD put-call volume ratio sat at 0.43 with open interest at 0.63. Volume has since fallen to 0.35 while open interest ticked up to 0.64. As with Coinbase, the split shows fresh call buying alongside light hedging. Yet the lower volume ratio points to stronger directional conviction.

HOOD Put-Call Ratio: BarchartThe money flow is the standout. HOOD is the rare crypto-linked name whose CMF sits above zero, last at 0.05, holding a rising parallel channel since early February. The reading reflects Robinhood’s diversified brokerage model, which draws steadier institutional inflows than pure-play crypto stocks.

HOOD Money Flow Strength: TradingViewCMF has respected the channel support in early April and mid-May without testing the lower trendline, each time preserving the uptrend. A break below that trendline and the zero line would signal weakness. Until then, the structure stays constructive, helped by a roughly 12% gain over the past month. That makes HOOD the strongest positioned of the three.

Key Highlights Table of Contents

Key HighlightsDollar-Denominated T-Bill Fund Activates USDC Payment ChannelEuro T-Bill Product Enables EURC Transaction CapabilityPartnership Advances Tokenized Investment Product Infrastructure Stablecoin payment integration launches for European UCITS Treasury bill funds

USDC and EURC enable fund subscriptions and withdrawal processing

Infrastructure provided by Coinbase Payments includes wallet, API, and settlement layers

Base layer-2 network facilitates efficient blockchain transaction settlement

Payment method addition maintains existing fund structure and regulatory framework

A collaboration between Coinbase and Spiko has introduced stablecoin payment functionality to European Union-regulated Treasury bill investment vehicles. Eligible investors can now utilize digital currency payment methods for entering and exiting two UCITS-compliant money market products. The development integrates Circle’s USDC and EURC stablecoins within established European regulatory frameworks for mutual funds.

Dollar-Denominated T-Bill Fund Activates USDC Payment Channel The US T-Bills Money Market Fund managed by Spiko has activated USDC acceptance through Coinbase Payments technology. This investment product delivers exposure to short-duration United States Treasury securities while operating within UCITS regulatory parameters. The payment infrastructure encompasses digital wallet functionality, transaction APIs, and backend processing systems supplied by Coinbase.

Transaction finalization occurs on Base, the layer-2 blockchain network developed by Coinbase. This technical architecture creates a bridge between onchain digital assets and traditionally regulated investment vehicles. The arrangement diminishes reliance on conventional banking hours and legacy payment processing systems that impose delays.

The innovation particularly serves corporate treasury operations requiring rapid reallocation between liquid assets and fund positions. Investors gain the ability to initiate subscription requests outside typical banking schedules, encompassing weekends and public holidays. Spiko emphasized that this development introduces an alternative payment channel without modifying the fund’s underlying operational structure or investment strategy.

Euro T-Bill Product Enables EURC Transaction Capability Spiko’s EU T-Bills Money Market Fund has implemented EURC payment acceptance utilizing identical Coinbase technological infrastructure. This fund adheres to UCITS regulatory requirements, which establish European Union benchmarks for investor protection and operational oversight. Coinbase characterized these products as pioneering European UCITS funds offering direct stablecoin payment acceptance.

Upon liquidation, redemption payments can transfer to designated stablecoin wallets in a matter of minutes. This capability provides treasury management teams with accelerated access to capital following position exits. The fund continues operating within its established regulatory guidelines governing subscription and redemption procedures.

This launch arrives during a period of robust UCITS market activity across Europe. According to EFAMA statistics, UCITS products attracted 104 billion euros in net capital inflows during April. This represented a significant reversal from the 41 billion euro net outflow recorded in March, while cumulative 2025 net sales have reached 828 billion euros.

Partnership Advances Tokenized Investment Product Infrastructure Coinbase positioned this collaboration as progress toward modernized payment systems for regulated investment products. Stablecoin-based payment networks can minimize operational friction when clients allocate capital to or withdraw from compliant financial products. The integration creates connectivity between blockchain-based settlement mechanisms and traditional mutual fund administration.

This framework does not transform the underlying investment vehicles into continuously operating products. Rather, it provides qualified investors with an additional funding mechanism for subscriptions and proceeds distribution. This differentiation carries significance because payment processing velocity and fund operational cycles function as distinct elements.

Additional asset management firms have explored comparable tokenized fund applications. WisdomTree secured regulatory authorization this year for continuous secondary market trading in a tokenized Treasury product. Franklin Templeton and Binance have similarly launched tokenized fund instruments available as institutional collateral in off-exchange environments.

Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

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Circle just pulled a quarter-billion dollars worth of USDC off Ethereum and stamped out $910 million in fresh tokens on Solana. Think of it as moving cash between registers at a store, except the registers are blockchains and the cash is the second-largest stablecoin in crypto.

The net effect: a $660 million liquidity swing toward Solana.

How the burn-and-mint machine works Circle manages USDC supply through what it calls the Cross-Chain Transfer Protocol, or CCTP. The mechanics are straightforward: burn tokens on one chain, mint an equivalent amount on another. Every USDC in circulation is supposed to be backed 1:1 by cash and cash equivalents, so these operations don’t change the total supply. They just change where the tokens live.

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The $250 million Ethereum burn and $910 million Solana issuance fit a pattern that’s been accelerating throughout 2026. Earlier in June, Circle minted $1 billion USDC on Solana in a single day. Days before that, there was a $500 million Solana mint. The cumulative gross issuance on Solana has been approaching $57 billion for the year.

USDC’s total circulation sits at approximately $73.6 billion as of late June 2026. The stablecoin is now native on over 30 networks.

Why the migration matters The institutional angle has gotten more concrete this month. Circle expanded its partnership with BNY Mellon in June 2026, enabling direct mint and burn capabilities through the bank’s custody services. That means institutional clients can now create and destroy USDC without going through Circle’s standard pipeline.

What this means for investors For Solana, more USDC on the network means deeper liquidity pools, tighter spreads on decentralized exchanges, and more attractive conditions for both traders and protocol developers.

The BNY Mellon partnership adds another layer to consider. Institutional access to direct minting and burning means that large players can respond to market conditions faster than ever.

Tether’s USDT still dominates overall stablecoin market share, but USDC’s multi-chain expansion and emphasis on full reserve transparency have carved out a distinct institutional niche. The $73.6 billion in circulation represents significant ground gained.

The risk worth flagging: concentrated minting on any single chain creates dependency. If Solana experienced a significant outage or security event, having tens of billions of USDC sitting on the network would create redemption pressure that could test Circle’s operational capacity.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Key Highlights Table of Contents

Key HighlightsUSDC Integration Launches on BNY’s Custody InfrastructureEnhanced Circle Collaboration Streamlines Institutional USDC OperationsFederal Stablecoin Framework Accelerates Institutional IntegrationGet 3 Free Stock Ebooks BNY shares climb following enhanced Circle collaboration for institutional USDC services.

Custody platform now supports USDC storage, creation and conversion functions.

Institutional investors gain integrated stablecoin access through BNY infrastructure.

USDC marks inaugural stablecoin offering on BNY’s digital custody system.

Collaboration advances traditional finance integration with blockchain payment rails.

Bank of New York Mellon (BNY) shares appreciated 1.41% to reach $145.58 following news of an enhanced collaboration with Circle focused on stablecoin infrastructure. The expansion integrates USDC capabilities into BNY’s Digital Asset Custody solution designed for institutional market participants. This development reinforces the bank’s growing footprint in blockchain-based financial services and digital currency custody operations.

Bank of New York Mellon Corp, BNY

USDC Integration Launches on BNY’s Custody Infrastructure BNY announced that USDC represents the inaugural stablecoin available through its Digital Asset Custody infrastructure. This platform enables corporate and institutional customers to securely store USDC within BNY-managed wallet systems. The integration establishes a streamlined pathway connecting traditional dollar holdings with blockchain-based digital assets.

Institutional participants can now direct Circle to generate USDC tokens from U.S. dollar deposits. Conversely, clients may convert USDC holdings back into fiat currency using identical institutional channels. Consequently, BNY creates operational continuity between stablecoin transactions and its established custody and treasury management functions.

This rollout extends BNY’s current position as the principal custodian holding USDC reserve assets. The service provides regulated entities with a compliant infrastructure for stablecoin safekeeping and blockchain transfers. Looking ahead, BNY intends to incorporate additional stablecoin providers and digital currency transaction capabilities.

Enhanced Circle Collaboration Streamlines Institutional USDC Operations Circle’s USDC token forms the foundation of BNY’s expanded digital asset offerings. USDC maintains its position as the second-largest dollar-pegged cryptocurrency measured by total value. Current market capitalization exceeds $73 billion according to data referenced in the partnership announcement.

The collaboration enables BNY customers to interact with USDC while remaining within the bank’s established operational ecosystem. This arrangement allows organizations to coordinate traditional currency and stablecoin holdings under a unified custody arrangement. Such integration may streamline entry points for companies exploring blockchain-powered payment and settlement infrastructure.

BNY and Circle maintain a longstanding relationship centered on USDC reserve management. The new custody capabilities represent a strategic evolution toward customer-facing product deployment. This initiative positions USDC within a prominent institutional custody environment operated by a major financial services provider.

Federal Stablecoin Framework Accelerates Institutional Integration This partnership expansion follows the 2025 enactment of the GENIUS Act within the United States regulatory landscape. This legislation established comprehensive federal guidelines governing dollar-backed stablecoins. The framework addresses reserve requirements, transparency standards and issuer supervision protocols.

Stablecoins maintain distinct characteristics from speculative cryptocurrency assets through value stabilization mechanisms. Dollar-denominated stablecoins typically maintain reserves comprising cash holdings and short-duration U.S. Treasury securities. Originally developed for cryptocurrency exchange activity, these instruments increasingly support cross-border payments, remittances and transaction settlement applications.

BNY manages approximately $59 trillion in custodial assets, maintaining its status as the globe’s largest custody banking institution. The firm’s stablecoin initiative demonstrates ongoing convergence between traditional financial infrastructure and blockchain-enabled market technologies. Industry counterparts including Standard Chartered and Citigroup have similarly forecasted substantial expansion within the stablecoin sector over coming years.

Oliver Dale

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BNY has expanded its Digital Asset Custody platform to let institutional clients store, transfer, mint and redeem Circle's USD Coin, making it the first stablecoin supported on the platform.

The new capabilities allow BNY clients to convert US dollars into USDC and redeem the stablecoin back into dollars directly through the bank while also storing and transferring USDC on its custody platform. BNY said it plans to expand the service to additional stablecoins and digital cash workflows over time.

The expansion builds on BNY's existing role as the primary custodian of the assets backing USDC, extending its relationship with Circle beyond safeguarding reserve assets to include client-facing stablecoin services.

According to BNY, the custodian bank oversees $59.3 trillion in assets under custody and administration and serves more than 90% of Fortune 100 companies. USDC is the world's second-largest stablecoin by market capitalization, with more than $73.8 billion in circulation, according to DefiLlama data.

In May, BNY partnered with Abu Dhabi-based Finstreet and the ADI Foundation to develop institutional custody services for Bitcoin (BTC) and Ether (ETH), with plans to later support stablecoins and tokenized real-world assets.

Source: DefiLlama

Traditional finance expands stablecoin infrastructureBNY's announcement is the latest in a series of stablecoin-focused products launched by major financial institutions in recent months, as traditional banks and asset managers expand services supporting reserve management, custody and blockchain-based payments.

In May, JPMorgan filed to launch a tokenized money market fund that would allow stablecoin issuers to hold reserve assets in a regulated investment vehicle while earning interest. The Ethereum-based fund is designed to invest in US Treasury bills and overnight repurchase agreements that back payment stablecoins.

Earlier this month, State Street launched a government money market fund for stablecoin issuers, offering a vehicle to hold reserve assets in compliance with the GENIUS Act. The fund invests in US government securities and repurchase agreements and counts State Street Bank and Anchorage Digital among its initial investors.

Other large financial institutions are pursuing stablecoin strategies as well. In July 2025, Bank of America said it was exploring stablecoins to modernize its payments infrastructure, while in January, Fidelity Investments launched a US dollar-backed stablecoin, FIDD, after receiving conditional approval to operate a national trust bank.

The stablecoin market is valued at approximately $313 billion, according to DefiLlama, with Tether's USDT accounting for about 60% of the market.

Source: DefiLlama

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Coinbase launched Coinbase for Agents on June 11, a platform that lets AI systems like ChatGPT and Claude connect directly to user accounts to execute trades, manage portfolios, and make transactions using stablecoins. Users tell the AI what to do in plain English, set spending and risk limits, and the agent handles the rest. Coinbase’s stock rose over 3% on the news.

How it actually works Users can grant AI agents access to their Coinbase accounts with specific constraints: how much the agent can spend, what level of risk it can take, and which types of trades it can execute.

The platform supports both spot and derivatives trading, real-time market data access, and portfolio management. It’s accessible through both web interfaces and terminal-based setups.

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Transactions on the platform run on USDC, Coinbase’s preferred stablecoin, using something called the x402 protocol. This protocol is designed to enable machine-to-machine payments, essentially letting AI agents pay for services, data, or assets without a human intermediary approving each step.

Compliance follows the same framework as standard Coinbase accounts. The agents operate within user-defined guardrails, and Coinbase’s existing regulatory controls still apply.

The bigger picture: agentic finance Coinbase has been building toward this moment through a series of AI-focused products. First came AgentKit, which embedded crypto wallets directly into AI agents. Then came Agentic Wallets, purpose-built for autonomous trading and spending. Coinbase for Agents connects those autonomous capabilities to the full suite of Coinbase’s exchange infrastructure.

Alongside the agents platform, Coinbase also rolled out Coinbase Advisor, an in-app AI that provides personalized recommendations to users.

Coinbase is calling this broader trend “agentic finance.” Analysts have projected that autonomous agents could drive as much as 20% of all e-commerce by 2030.

What this means for investors Coinbase has hinted at future expansions beyond crypto, with potential support for equities and commodities trading through the agents platform.

By routing agent transactions through USDC, Coinbase is creating a new demand driver for its stablecoin. Every AI agent that needs to make a payment or execute a trade on the platform needs USDC to do it.

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